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To: stockman_scott who wrote (26272)	11/15/2005 10:32:38 AM
From: Bill Harmond	Read Replies (1) \| Respond to of 57684

What peers? Then again, this guy's had a market perform rating until now! 15-Nov-05 09:11 ET In Play TradeStation downgrade details (TRAD) 12.76 : Keefe Bruyette downgrades TRAD to Underperform from Mkt Perform, as they believe that the stock is overvalued vs peers at 28x and 23x their 2005 and 2006 ests, and could likely experience a pullback. Firm believes the acquisitions by Ameritrade (AMTD) and E*TRADE (ET) have inflated the multiples of what may be considered future acquisition targets and has helped to fuel a rally in the shares of TRAD beyond purely operating fundamentals. Firm does not believe that TRAD is a take-out candidate in the near-term, as evidenced by Co-CEO's Bill and Ralph Cruz filing to sell 1.75 mln shares each over the next two years.